New York City’s commercial real estate landscape continues to evolve as AI-driven sales platform Clay secures a significant lease at 11 Madison Avenue, a prominent Midtown South office tower owned by SL Green Realty. The 10-year agreement, encompassing 163,095 square feet on the 14th and 16th floors, signals both the growth of the Brooklyn-born company and the ongoing demand for premium office space in Manhattan. This move comes on the heels of Clay achieving $100 million in annual recurring revenue, according to SL Green Realty, demonstrating the company’s rapid ascent in the competitive artificial intelligence sector.
The decision to relocate from its previous offices at 111 West 19th Street reflects Clay’s expanding team and ambitious growth plans. The company, founded with a focus on leveraging AI to streamline and enhance sales processes, is joining a growing roster of tech and media companies choosing 11 Madison Avenue as their base of operations. The building, boasting 2.3 million square feet of office space, has grow a magnet for businesses seeking a central location and modern amenities. The asking rent for the space was $90 per square foot, a figure indicative of the high demand for prime Midtown South real estate.
Clay’s Expansion and the Appeal of 11 Madison Avenue
“New York has been Clay’s home since we first started, and 11 Madison is where we’re going to build the next chapter,” stated Clay CEO and co-founder Kareem Amin. “The team is growing quick… and we needed a home that matches that ambition. I can’t wait to see what we create here.” This sentiment underscores the importance of physical space in fostering company culture and facilitating collaboration, even as remote work models gain traction. The move to 11 Madison Avenue represents a strategic investment in Clay’s future, providing the space needed to accommodate its expanding workforce and support its continued innovation in the AI sales space.
11 Madison Avenue has undergone significant investment in recent years, transforming it into a sought-after destination for leading companies. Beyond its central location, the building offers a range of amenities designed to attract and retain top talent. The presence of established firms like Pinterest and Tempus AI further enhances the building’s appeal, creating a dynamic and collaborative environment. Pinterest, for example, signed an 83,000-square-foot lease in June 2025, demonstrating the continued interest in the property. Commercial Observer reported on the Pinterest lease last year.
The Deal Brokers and Market Trends
The lease negotiations were handled by teams from Newmark. Aaron Ellison, Derek Feinman, and Adam Spector of Newmark represented Clay in the transaction, while Brian Waterman, Brent Ozarowski, and Erik Harris represented SL Green Realty. Newmark did not immediately respond to a request for comment regarding the specifics of the deal. The involvement of Newmark, a leading commercial real estate advisory firm, highlights the complexity and scale of such transactions in the New York market.
This deal occurs within a broader context of shifting trends in the commercial real estate market. While the rise of remote work has led to some uncertainty, demand for high-quality office space in prime locations remains strong, particularly among technology and financial services firms. The flight to quality, where companies prioritize modern, well-amenitized buildings, is a key driver of this trend. The success of 11 Madison Avenue in attracting tenants like Clay and Pinterest demonstrates the effectiveness of this strategy. Another recent transaction in the area saw investment bank BrightTower sign a 14,000-square-foot deal at Rudin’s 41 Madison Avenue, further illustrating the activity in the Midtown South market.
SL Green Realty’s Portfolio and Strategy
SL Green Realty, one of the largest commercial landlords in New York City, has been actively working to reposition its portfolio to meet the evolving needs of tenants. The company’s focus on upgrading its properties and attracting high-growth companies has been a key element of its success. SL Green’s ownership of 11 Madison Avenue is a testament to its commitment to investing in prime Manhattan real estate. The company’s ability to secure tenants like Clay underscores its expertise in identifying and capitalizing on market opportunities.
Beyond 11 Madison Avenue, SL Green Realty manages a diverse portfolio of properties throughout Manhattan and other major cities. The company’s strategy involves a mix of acquisitions, developments, and repositioning projects, aimed at maximizing value and generating long-term returns. The Clay lease is a positive sign for SL Green, demonstrating the continued demand for its properties and its ability to attract leading companies.
The Growing AI Sales Sector
Clay’s expansion reflects the broader growth of the artificial intelligence sales sector. AI-powered sales tools are becoming increasingly popular among businesses looking to improve efficiency, personalize customer interactions, and drive revenue growth. Clay’s platform leverages AI to automate tasks, provide insights, and empower sales teams to close more deals. The company’s success is indicative of the growing demand for these types of solutions.
The AI market is projected to continue its rapid growth in the coming years, driven by advancements in machine learning, natural language processing, and other related technologies. Companies like Clay are at the forefront of this innovation, developing cutting-edge solutions that are transforming the way businesses operate. The company’s move to 11 Madison Avenue positions it well to capitalize on this growth and further expand its presence in the market.
Other significant tenants in 11 Madison Avenue include health technology company Tempus AI, occupying 39,565 square feet, further diversifying the building’s tenant base. This mix of technology, media, and healthcare companies creates a vibrant and innovative ecosystem within the building.
The next step for Clay will be the build-out of its new offices at 11 Madison Avenue. The company is expected to begin the renovation process in the coming weeks, with plans to fully occupy the space in the near future. The completion of the build-out will mark a significant milestone for Clay, providing it with a state-of-the-art headquarters to support its continued growth and innovation. Further updates on Clay’s expansion and its impact on the New York commercial real estate market will be closely watched by industry observers.
As Clay settles into its new space, the company will likely focus on expanding its team and developing new features for its AI-powered sales platform. The company’s success will depend on its ability to continue innovating and delivering value to its customers. The move to 11 Madison Avenue provides Clay with the resources and infrastructure it needs to achieve these goals.
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